Bulls return as govt keeps date with GST
DNMUM390886 | 6/20/2017 | Author : DNA Money Correspondent | WC :343
Mumbai : Indian markets witnessed a smart recovery as the bullish sentiment got fortified on positive developments on the domestic front. Both the Sensex and Nifty hit fresh intra-day highs following goods and services tax (GST) headway.
While the BSE Sensex made a fresh closing high at 31311.57, jumping 255.17 points, or 0.82%, Nifty reclaimed 9600 level ending at 9657.55, by gaining 69.50 points, or 0.72%.
Banking counters witnessed a flurry of buying on hopes of resolution of non-performing assets (NPAs) issue after the Reserve Bank of India (RBI) asked lenders to initiate bankruptcy proceedings against large defaulters. The rally was led by State Bank of India, Axis Bank, HDFC Bank and ICICI Bank which climbed up to 1.9
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4%.
Adani Ports (3.05%), PowerGrid (1.67%), L&T (1.59%), Reliance Industries (1.53%), TCS (1.44%), Hero MotoCorp (1.39%), ITC Ltd (1.35%), Asian Paint (0.92%), HDFC (0.89%), Cipla (0.39%) and Bajaj Auto (0.39%), also emerged as winners.
The GST Council relaxed rules for return filing for businesses for the first two months of the rollout of the new indirect tax regime even as it stuck to the July 1 launch date, ironing out any wrinkles of worry.
The sectoral front on BSE saw metal jumping 1.89%, followed by banking that surged 0.96%, capital goods rising 0.74% and FMCG ending up 0.72%. Oil & gas (0.45%), power (0.43%), PSU (0.29%) and auto (0.25%) also moved up.
Moreover, the mid-cap index rose 0.07%, while small-cap index was down 0.08%.
Positive global cues emerging from other Asian markets that ended higher in tune with weekend record closing at the Wall Street propped up the markets here. A firm opening at European shares responding to to president Emmanual Macron’s centrist party win in French parliamentary elections, buoyed trading sentiments. Key indices in London, Germany and Paris ended with gains. Asian markets saw Japan’s Nikkei rising 0.62% and Hong Kong 1.16%.
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